The fleeting idea that manufacturing was regaining its foothold was set back today as the Empire State Manufacturing Index revealed a downturn. The index moved from last month’s sharp decline to a somewhat lesser decline.
Forecasts had expected the index to move back into positive territory this month given news that manufacturing was on the rise globally once more. But the persistent bearishness has darkened the landscape a bit as many view the index’s afternoon reading as a sign that more sluggishness may be impending.